NZ Bank Payment System Labeled Outdated

New Zealand's bank payment system has been labeled as outdated and in need of modernization. A Reserve Bank report found that while the current system is reliable for many users, it falls short of global standards.

The report suggests that consumers could benefit from new smartphone payment methods, including instant payments, request to pay, and QR codes. These features are already available in over 120 countries, according to Banking Reform Coalition Convenor Kent Duston.

Duston described the current technology as 'scrap metal with blinking lights,' stating that banks have prioritized paying shareholders large dividends over investing in modern systems.